TRI-PACK FILMS LIMITED Quarterly Report March, 2023
Our Legacy: Withstanding the Odds
Contents
- Company Information
- Directors' Review
- Condensed Interim Statement of Financial Position (Un-audited)
05 Condensed Interim Statement of Profit or Loss and Other Comprehensive Income (Un-audited)
- Condensed Interim Statement of Changes in Equity (Un-audited)
- Condensed Interim Statement of Cash Flows (Un-audited)
08 Notes to and forming part of the Condensed Interim Financial Information (Un-audited)
15 Directors' Review (Urdu Version)
Company Information
Board of Directors*
Syed Babar Ali (Chairman)
Mr. Asghar Abbas
Syed Hyder Ali
Mr. Khurram Raza Bakhtayari
Ms. Nermeen Towfiq Chinoy
Mr. Asif Qadir
Mr. Saquib Hussain Shirazi
Mr. Nasir Jamal (Deemed Director)
Chief Executive Officer
Mr. Nasir Jamal
Audit Committee*
Ms. Nermeen Towfiq Chinoy (Chairperson)
Mr. Khurram Raza Bakhtayari
Mr. Asif Qadir
Mr. Shahzeb Haider (Secretary)
Human Resource and
Remuneration (HR&R) Committee*
Ms. Nermeen Towfiq Chinoy (Chairperson)
Mr. Asghar Abbas
Mr. Khurram Raza Bakhtayari
Mr. Taimoor Ahmed (Secretary)
Executive Committee*
Syed Hyder Ali (Chairman)
Mr. Asghar Abbas
Mr. Khurram Raza Bakhtayari
Ms. Iqra Sajjad (Secretary)
Chief Financial Officer
Mr. Muhammad Zuhair Damani
Company Secretary
Ms. Iqra Sajjad
Head of Internal Audit
Mr. Shahzeb Haider
Auditors and Tax Advisor
A.F. Ferguson & Co. Chartered Accountants
Legal Advisors
Sattar & Sattar
Shares Registrar
FAMCO Associates (Pvt.) Ltd
8-F, Next to Hotel Faran, Nursery, Block 6, P.E.C.H.S., Shahrah-e-Faisal,
Karachi - 75400
Tel : (021) 34380101-2
Fax : (021) 34380106
02
Tri-Pack Films Limited
Company Shares Department
Ubaid Hussain / Suman Kishore
Tel: 92-2135874047-49 Ext Nos: 237 & 233
Email: shares.desk@tripack.com.pk
Website
www.tripack.com.pk
Registered Office
4th Floor, The Forum, Suite No. 416-422,G-20, Block No. 9, Clifton, Khayaban-e-Jami, Karachi - 75600, Pakistan.
Tel: (021) 35874047-49, (021) 35831618
Fax: (021) 35860251
Regional Sales & Head Office
House No. 18 B, Sir Abdullah Haroon Road, Near Marriott Hotel, Karachi, Sindh
Tel: (021) 35224336-37 Fax: (021) 35224338
Works - Karachi
Plot No. D-9 to D-14 & G-1 to G-4 North Western Industrial Zone, Port Qasim Authority, Karachi
Tel: (021) 34720247-48 Fax: (021) 34720245
Works & Regional Sales Office - Hattar
Plot No. 68, 69, 78/1, Phase IV, Hattar Industrial Estate, Hattar, Khyber Pakhtunkhwa.
Tel: (0995) 617406-7 Fax: (0995) 617054
Regional Sales Office
Unit No. 4, 17 Aziz Avenue, Canal Bank Road, Lahore, Punjab
Tel: (042) 35716068-70 Fax: (042) 35716071
Banks | |
Al-Baraka Bank (Pakistan) Limited | |
Allied Bank Limted | |
Askari Bank Limited | |
Bank Alfalah Limited | |
Bank Al Habib Limited | |
Bank Islami Pakistan Limited | |
Dubai Islamic Bank (Pakistan) Limited | surname |
Faysal Bank Limited | |
Habib Bank Limted | |
Habib Metropolitan Bank Limited | |
MCB Bank Limited | by |
Meezan Bank Limited | |
order | |
Standard Chartered Bank (Pakistan) Limited | |
United Bank Limited | alphabeticalIn |
Investment Company | |
National Bank of Pakistan | |
The Bank of Punjab | |
JS Bank Limited | |
Pak Kuwait Investment Company (Private) | * |
Limited |
Directors' Review
For the Quarter ended March 31, 2023
The Directors are delighted to present their review report together with the un-audited condensed interim financial information of the Company for the quarter ended March 31, 2023.
Commitment to and compliance with the Safety, Health and Environment (SHE) policies, procedures and regulations remained of paramount importance throughout.
Quarter ended March 31 | |||
2023 | 2022 | ||
Sales Volume (M. Tons) | 10,227 | 12,589 | |
Net Sales Value - (Rs in Million) | 5,886 | 5,565 | |
Operating profit (Rs in Million) | 850 | 527 | |
Interest cost (Rs in Million) | 297 | 229 | |
Exchange loss/(gain) (Rs in Million) | 112 | (14) | |
Profit before tax (Rs in Million) | 422 | 340 | |
Net Profit (Rs in Million) | 283 | 243 | |
Earnings per share (Rs) | 7.29 | 6.27 |
Total volumes including exports declined due to restriction on imports of raw material and local economic conditions. Sales revenue however, was higher by 6% in line with the granule costs and exchange parity.
Operating profit of Rs 850 million was 61% higher compared to SPLY.
Interest cost was higher on the back of higher benchmark policy rates. Rupee devaluation led to recognition of exchange losses to the tune of Rs 112 million during this quarter as the option of sight LC is no more available.
The Company reported a profit before tax and net profit of Rs 422 million and Rs 283 million compared to Rs 340 million and Rs 243 million respectively in SPLY.
Future Outlook
Inflation, exchange fluctuation, spiking interest rates coupled with political/economic uncertainty will remain a challenge for upcoming quarters and may affect the company's performance unfavorably.
Due to raw material import restrictions, we are forced to ration our supplies and expect total volumes including exports to be low in coming quarters.
Country risk and import restrictions have become a hindrance in timely execution of expansion project.
We express our immense gratitude to all our stakeholders for their continued support and trust in these trying times.
Nasir Jamal | |
Chief Executive Officer | Karachi, April 17, 2023 |
03 03
Quarterly Report 2023
Condensed Interim Statement Of Financial Position
As at March 31, 2023
ASSETS | Note |
NON CURRENT ASSETS |
(Un-audited) | (Audited) | |
March 31 | December 31 | |
2023 | 2022 |
(Rupees in thousand)
Property, plant and equipment | 5 |
Intangibles | |
Long-term deposits | |
CURRENT ASSETS | |
Inventories | 6 |
Trade receivables | |
Advances and prepayments | 7 |
Other receivables | 8 |
Refunds due from government - sales tax | |
Income tax refundable | |
Cash and bank balances | |
TOTAL ASSETS | |
EQUITY AND LIABILITIES | |
SHARE CAPITAL AND RESERVES | |
Share capital | |
Share premium | |
General reserve | |
Unappropriated profit | |
LIABILITIES | |
NON CURRENT LIABILITIES | |
Long term borrowings | |
Deferred income - Government grant | |
Lease liability | |
Deferred taxation - net | |
Staff retirement benefits | |
Accumulated compensated absences | |
CURRENT LIABILITIES | |
Trade and other payables | 9 |
Unclaimed dividend | |
Accrued mark-up | |
Short term borrowings | 10 |
Current portion of long term lease liability | |
Current portion of long term borrowings | |
TOTAL LIABILITIES | |
CONTINGENCIES AND COMMITMENTS | 11 |
7,679,945
15,620
25,783
7,721,348
3,470,078
1,450,089
299,020
2,115,524
17,898
1,332,421
483,295
9,168,325
16,889,673
388,000
999,107
1,605,000
2,351,704
5,343,811
2,512,030
431,205
35,098
343,051
96,745
30,532
3,448,661
5,099,591
21,579
174,269
2,213,503
3,993
584,266
8,097,201
11,545,862
7,571,398
13,648
28,033
7,613,079
3,701,040
2,283,807
106,922
712,034
29,886
1,313,483
904,190
9,051,362
16,664,441
388,000
999,107
1,605,000
2,068,875
5,060,982
2,491,228
425,445
34,655
380,374
95,347
34,772
3,461,821
3,024,007
21,662
159,896
4,324,009
3,118
608,946
8,141,638
11,603,459
TOTAL EQUITY AND LIABILITIES |
16,889,673 16,664,441
The annexed notes 1 to 21 form an integral part of these condensed interim financial statements.
Nasir Jamal | Asif Qadir | Muhammad Zuhair Damani |
Chief Executive Officer | Director | Chief Financial Officer |
04 | ||
Tri-Pack Films Limited |
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Tri Pack Films Ltd. published this content on 27 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2023 04:36:05 UTC.
